Fortescue (ASX:FMG) has announced record iron ore shipments for the year ending in June, alongside forecasts for continued growth. The company, founded by Andrew Forrest, whose estimated wealth sits at $12.68 billion according to the Financial Review Rich List, is a global leader in the iron ore industry, committed to the production and delivery of iron ore to global markets. Investors were informed that iron ore volumes could increase by an additional 3 per cent in the coming year.
Fortescue shipped 198.4 million tonnes of iron ore during the period, marking an increase from the 191.6 million tonnes shipped in the previous year. This strong performance in its primary iron ore operations was highlighted despite ongoing challenges at the Iron Bridge project, a high-grade iron ore venture.
In tandem with the positive shipping results, Fortescue also confirmed the cessation of its Arizona hydrogen and Gladstone electrolyser projects, with plans to repurpose the associated assets. The company will continue to focus on optimising production costs and expanding its market presence in the iron ore sector. These adjustments follow a strategic review aimed at streamlining operations and focusing on core strengths.
